If you are buying a high cost property with litle to no cash flow, you likely don't have to worry about paying tax on rental income since your depreication will wipe out any cash flow from being taxed.

There seems to be information missing - why not get it from a traditional lender?

Will my IDR plan amount be what is factored into my DTI versus a percentage of my loans? 

Our rental properties are listed as well, but those are owned in an LLC. 

Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.

I always suggest starting with friends and family and even ask them if they know anyone who might be interested.

I'm attempting many of these strategies as well.

@Gino Barbaro going in cap rate will be 8.5%.

I’ve already again talked to contractors and got good estimates knocking down this one wall adds aton of value to the house.I estimate the additional amount would be $200-$300 a month after a remodel. 

Additionally, I’ve been wondering if it might be possible to create an LLC, rent my house to the LLC through a formal contract, and then have the LLC operate the Airbnb.